164 Limits on relief for expenses.U.K.
F1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)In paragraph 5 of Schedule 19AC to the Taxes Act 1988 (modification of section 76)—
[F3(a)in sub-paragraph (1), in the subsection (6B) treated as inserted in section 76, for “their” there shall be substituted “ its ” and the words “ and subsections (2) and (3)(b) above ” shall be omitted; and]
(b)after that sub-paragraph there shall be inserted the following sub-paragraph—
“(1A)In section 76 references to franked investment income shall be treated as being references to UK distribution income within the meaning of paragraph 5B of this Schedule.”
(4)In section 56(4) of the Taxes Act 1988 (which contains a reference to the computation required by section 76(2) of that Act), for “by” there shall be substituted “ for the purposes of ”.
(5)Subject to subsection (6) below, this section has effect in relation to accounting periods beginning on or after 1st January 1996.
F4(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 164(1) repealed (with effect in accordance with s. 42 of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(3)
F2S. 164(2) repealed (with effect in accordance with s. 42 of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(3)
F3S. 164(2)(b)(3)(a) repealed (31.7.1997 with effect as mentioned in Sch. 8 Pt. II(6), Note) by 1997 c. 58, s. 52, Sch. 8 Pt. II(6)
F4S. 164(6) repealed (with effect in accordance with s. 42 of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(3)